Update: Family off the hook for $47,000 loan

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Update 3/26/18 - Scott and Elaine McMillin said they spent months feeling like no one at Bank of America was listening to them.

“Getting to the right person was crazy,” Elaine said.

The McMillins are now finally getting the attention of the right people calling the shots at the big bank.

Bank of America is closing the McMillin's account and waiving the balance of $47,300.16, plus the bank reversed a $775 payment and late fees the couple incurred during the whole ordeal.

“It was refunded like an hour after I got on the phone with him,” Elaine said. “It happened real quick.”

Remember, the loan was in husband, Scott's, name and he was worried about his credit taking a hit.

Bank of America told the couple they already reported the loan being paid and closed to the credit agencies and put in a request that any delinquencies be removed from Scott's credit report.

OKLAHOMA CITY - Scott and Elaine McMillin tried selling their Ford F-150 pickup online and found an out-of-state buyer who sent the lien holder, Bank of America, a $47,000 check to cover the sale.

The McMillins said they thought the sale was done.

After all, the big bank confirmed over the phone and through the mail the buyer's check clear and the loan was satisfied. 

“I said ‘We've got a cashiers check [and] we've got a lien release,” Elaine said. “He went to the DMV the next day [and] they released the lien.”

Bank of America released the lien, but the McMillins didn't release the pickup right away, because the buyer kept putting off coming to get it.

Keep in mind, the McMillins still had the pickup in their possession for more than a week after Bank of America received the hot check.

Again, Elaine called the bank one last time to make sure it was okay to hand over the pickup.

“They said ‘This account is closed. You're not responsible for anything on that truck,’” Elaine said.

They let the buyer have the pickup, only to be blindsided days later by a second letter from Bank of America letting them know the bank had reopened their loan and rescinded the lien release.

“They're saying the check they accepted on this gentleman's behalf came back on a closed account,” Scott said. “We're like, ‘11 days later, you're telling us this now?’”

Now, their pickup's gone and for weeks the bank was coming after them for the full amount of the loan, even though it was the bank that mailed them the refund check and lien release.

So, what happened to the McMillins' pickup?

The guy who wrote the hot check goes by the name “Joshua Greer" and said he's from Ohio.

The McMillins' son was home when he dropped by to take off with the F-150, but he didn't get a good look at the guy because it was early in the morning and the family left the keys to the pickup in their mailbox.

The family has a lot at stake, including their credit.

I hopped to it, alerting Bank of America about the McMillins' quandary.

Our calls and emails worked.

A bank spokesperson told the In Your Corner team for privacy reasons they cannot discuss individual client relationships but regret the inconvenience their customer experienced and consider the matter resolved.

The McMillins received a voicemail from someone from inside Bank of America's executive offices saying they made a decision to close the loan.

The debt is forgiven and the family is off the hook for the loan. 

Bank of America is now reviewing the McMillins' case internally in an effort to keep this from happening to another customer.

The In Your Corner bottom line:

  • It pays to keep a tight paper trail.
  • If you're going to sell your vehicle online, be wary of offers to buy sight-unseen.